EUR/JPY Approaches September 2008 High

EUR/JPY approaches the September 2008 high (159.61) as it stages a four-day rally.

EUR/JPY Rate Outlook

EUR/JPY bounces back ahead of the monthly low (155.54) to clear the July high (158.05), with the exchange rate climbing to a fresh yearly high as it carves a series of higher highs and lows.

A breach above the September 2008 high (159.61) may push EUR/JPY towards the 160.40 (100% Fibonacci extension) to 160.80 (78.6% Fibonacci extension) region, with the next area of interest coming in around 163.30 (100% Fibonacci extension).

However, failure to test the September 2008 high (159.61) may curb the bullish price series in EUR/JPY, and lack of momentum to hold above 158.80 (61.8% Fibonacci extension) may push the exchange rate back towards the 157.20 (161.8% Fibonacci extension) to 157.90 (161.8% Fibonacci extension) region.